India’s largest private sector lender, HDFC Bank on Friday cut its marginal-cost based lending rate (MCLR) on loans across tenors by 10 basis points.The rate cut is effective from Friday (August 7), according to its website.
After the rate reduction, its overnight MCLR stands reduced to 7%, while one-month MCLR is 7.05%, according to the HDFC Bank website.
With this rate cut it is expected the EMIs of house loans will be bought down. Following this move today at NSE  bank shares witness hike to +3.15 (0.30%) and moved to 1,043.85 INR